CleanSpark secures a $200 million Bitcoin-backed credit facility from Coinbase Prime, transitioning to self-funded operations using a portion of its Bitcoin reserves for expenses. The company’s strategy aims for a mining capacity of 50 exahash, prioritising non-dilutive financing for sustainable growth and risk management.
CleanSpark (CLSK) has revealed a pivotal enhancement to its capital structure by securing a $200 million Bitcoin-backed credit facility from Coinbase Prime. This strategic move accompanies the launch of an institutional-grade Bitcoin treasury desk aimed at optimising operations through borrowing, lending, and custodial services, enhancing overall financial management.
Currently, CleanSpark maintains a reserve of over 12,000 Bitcoin, valued at about $1 billion at a price of $84,500 per Bitcoin as of April 14, 2025. Transitioning from its prior policy of 100% Bitcoin retention adopted in mid-2023, the company now allocates a portion of its Bitcoin production for operational expenses, indicating its leap towards self-sufficiency or ‘escape velocity’ in financing its operations.
The company targets a mining capacity of 50 exahash per second and considers leveraging debt markets as the optimal strategy for sustainable growth. This approach prioritises non-dilutive funding methods, mitigating equity dilution while allowing for enhanced operational capacity. By utilising cash flow generated from Bitcoin for expenses, CleanSpark is establishing a robust financial foundation capable of withstanding Bitcoin market fluctuations.
CleanSpark’s ongoing evolution distinguishes it from competitors who may resort to equity dilution or excessive borrowing. Their institutional-grade treasury desk bolsters their risk management practices, covering aspects such as borrowing, lending, custody, and derivatives—all critical components given their substantial cryptocurrency assets.
As the company prepares for further growth, CEO Zach Bradford highlighted that the relationship with Coinbase enables a structured capital management approach. This ongoing collaboration supports CleanSpark’s growth trajectory while emphasising non-dilutive financial strategies that not only facilitate operations but also allow for treasury expansion through operational cash flow.
